which guarantees that your grandkids will be multi-millionaires!! I
watched a KOCE pledge drive late last night which featured Estate Planner
Ed Slott talking about retirement planning, i.e. essentially,
the content of his book "Stay Rich Forever &
Ever" His talk was relaxed, clear, exciting, motivating and
full of good information about what to DO set in a bunch of utter scare
stories about people who left big estates and all of it was TAKEN. First
he described how THE AVERAGE CITIZEN is guaranteed to lose everything they
earned in their lifetime. The Nursing home will reliably take all the real
estate, cash and wealth that you ever had. That is the first way. These
cost 9,000 a month nowadays, 2008, but will go up. A LUCRATIVE BIZ by the
way, for the owners, but demolishing inheritances for YOUR HEIRS! So the
second concept is, to stay out of such a HOME, you must stay vital until
you're 100. EAT
WELL, HOLISTICALLY, and DO
YOGA for your joints and bones to stay young. HALLMARK sold 85,000
"HAPPY l00th BIRTHDAY cards last year, so there's a serious chance. When
you get up in years that much, you usually go in an eyeblink, while asleep,
with no illness unless you have chronic pneumonia in your lungs, reappearing
periodically, or are exposed to that microbe in a hospital.
AVOID regular IRAS or 401Ks as the IRS will GLOM on to your take, the rest of it down to the last dollar by taxing your IRAS, as you didn't leave the cash the right way. Your heirs will get NOTHING. If they take the IRA MONEY it will be taxed into non-existence. First the IRA is taxed, then the heir who tries to spend it is taxed. The details of this grab are in the Slott books.
Slott says that you must use the three DEVICES that make your wealth go straight to your children and grandchildren and totally escape taxation.. They are THE THREE COLLECTION DEVICES THAT THE IRS and GOV and THE DAMNED NURSING HOME CANNOT TOUCH.
1.) LIFE INSURANCE - This will go
to whom you say and cannot be taxed. Give each child a million dollar policy.
Great start up a biz money.
2.) ESTATE TAX EXEMPTION is TWO MILLION PER
PERSON. So you can leave up to two million and the IRS cannot
touch it. Great for a wife or child.
3.) CREATE an IRA with a SPECIFIED BENEFICIARY.Never leave it to a mate as who knows if they'll even outlive you and everything in it could vaporize. Instead, leave it to a loved grandchild as the IRA can then become a STRETCH IRA. While it lies around waiting for the grandkid to cash it in, the thing keeps multiplying at an 8% per annum rate, so the principal GROWS.. If you leave it to your child who's forty years old, over their life it will become 15 million. But if you leave it to a grandchild who is one year old, over their life, it will become 163 million, all of it tax free. Now, if your child drives badly and he's your beneficiary, age 40, pick a contingent beneficiary, designating a first born grand child.
If you have IRA's now, update your beneficiaries immediately to grandchildren!
Slott says not to bother using your 12k a year tax free gifting privilege as it's just money and evaporates without trade. A Better use would be to spend that money with your grandchildren and kids, Disneyland, Paris, Tuscany, Bali or Vietnam. Get a video camera. Shoot the entire vacation with these beloved relatives. That gift will last a thousand years and boy will they remember the grandparent decades from now while they've got both your many millions and the videos!
Now if you also used the "Rich Dad Poor Dad" series related to real estate holdings, you would probably have a system to make your stay on earth VERY profitable for those you love.
Don't bother googling "Ed Slott" as you will only come up with his BOOKS for sale. He does not teach online. Oh well, he's collecting for his heirs as we all should probably be doing but DO take down the titles and go to ABEBOOKS and buy them used. Or have your library order them from other libraries, usually a 25c fee. They phone you when they come in.
So get busy building that estate, ya hear? This whole concept will motivate you to get your butt in gear, won't it? The concept really motivates ME! I can just see little Felicia in Hawaii and Vivianna and Ayanna in California having all those millions (AND my files on how to run an import/ export business, or do a FAMINE CHARITY.)
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